There is a run on the United States from certain nations and business interests around the world. Just like there was a run on banks after the collapse of Silicon Valley Bank, many nations are either thinking about — or actually proceeding with — transferring at least a portion of their allegiance, assets and commitments from the ‘Bank of the U.S.’ to the ‘Bank of China’ or elsewhere.”
This was not just some person sitting on a porch casually talking about current events while whittling a stick waiting for his Social Security or pension check to hit the mailbox. This was a former high-level U.S. government official, now a CEO, someone who sits on the boards of directors for multiple companies. He has massive real-world and business experience and believes the United State may be on the verge of collapse.
I am going to take the option that America doesn't collapse. Last month banks were collapsing, and now they are experiencing record profits. They have increased interest rates on credit cards to new highs. And Americans after years of getting free Covid-19 money are now having to buy products again on credit.
Some experts are worried about the BRIC's developing a new currency. This might be impossible. Will it be an inflationary currency like India wants, or a conservative one like China wants?
Thomas Sowell: There are no solutions, just trade-offs.
